Core Insights - The company achieved a revenue of 329 billion yuan in the first half of 2025, representing a year-on-year growth of 3.8%, with an acceleration of 1.2 percentage points compared to the first quarter and an increase of 2.6 percentage points compared to the full year of 2024 [1] - The net profit attributable to shareholders was 117.6 billion yuan, showing a slight decline of 0.9% year-on-year, but the decline narrowed by 2.1 percentage points compared to the first quarter [1] - The annualized average return on total assets (ROA) was 0.70%, and the return on equity (ROE) was 9.11% [1] Revenue and Profit Analysis - Net interest income decreased by 5.3% year-on-year, with the decline expanding by 0.8 percentage points compared to the first quarter [1] - Non-interest income showed strong performance, with fee income increasing by 9.2% year-on-year and other non-interest income rising by 42%, with respective growth rates improving by 7.1 and 4.7 percentage points compared to the first quarter [1] - Non-interest income accounted for 34.7% of total revenue, up 6.2 percentage points year-on-year [1] Asset and Liability Overview - Total assets reached 36.79 trillion yuan, with loans and deposits at 23.01 trillion yuan and 25.77 trillion yuan, respectively, reflecting year-on-year growth of 8.5%, 9.1%, and 8.5% [2] - The net interest margin was reported at 1.26%, down 18 basis points year-on-year, with a slight decline of 3 basis points compared to the first quarter [2] - The yield on interest-earning assets decreased by 48 basis points to 2.96%, while the interest rate on interest-bearing liabilities fell by 33 basis points to 1.86% [2] Asset Quality Assessment - The non-performing loan (NPL) ratio stood at 1.24% at the end of June 2025, down 1 basis point from March [3] - The annualized NPL generation rate, after write-offs, was 0.62%, up 15 basis points year-on-year, with retail NPLs continuing to show exposure [3] - The provision coverage ratio was 198%, down 0.6 percentage points from March and 3.2 percentage points from the beginning of the year [3] Investment Outlook - The company's overall performance is in line with expectations, with profit forecasts for 2025-2027 set at 241.6 billion, 249.4 billion, and 267.3 billion yuan, reflecting year-on-year growth rates of 1.6%, 3.2%, and 7.2% respectively [3] - The diluted EPS is projected to be 0.78, 0.80, and 0.86 yuan for the respective years, with current stock prices corresponding to PE ratios of 7.2, 7.0, and 6.5 times, and PB ratios of 0.64, 0.60, and 0.56 times [3]

每经记者|赵景致 上海楼市"825新政"出台后，8月29日晚间，已有中国银行、农业银行、建设银行、招商银行、平安银 行、光大银行、北京银行、江苏银行、南京银行、大连银行等多家银行上海市分行发布《关于优化调整 商业性个人住房贷款利率定价机制的公告》。 记者注意到，各家银行在利率定价机制安排方面，均不再区分首套住房和二套住房。每位客户商业性个 人住房贷款的具体利率水平，将根据上海市市场利率定价自律机制要求，并结合银行经营状况、客户风 险状况等因素合理确定。 "银行可根据自身经营和客户风险状况确定具体利率，赋予了银行一定的自主定价权，有助于银行根据 实际情况灵活调整策略，优化信贷资源配置，同时也能更精准地评估风险、提高风险管理水平。"8月30 日，上海易居研究院副院长严跃进接受《每日经济新闻》记者微信采访时表示。 在8月25日上海六部门联合印发《关于优化调整本市房地产政策措施的通知》（以下简称《通知》） 后，多家银行上海市分行29日晚间便出台了优化调整商业性个人住房贷款利率定价机制的细则公告。 以工商银行为例，该行表示，为贯彻落实《通知》精神，切实做好该行商业性个人住房贷款利率优化调 整工作，一是在利率定价机制安排 ...

国有六大行2025年上半年合计日赚37.7亿元。 国有六大银行（工商银行、农业银行、中国银行、建设银行、邮储银行和交通银行）已经交齐2025年上半年成绩单：合计实现归属于股东的净利 润（下同）6825.24亿元。 今年上半年，六家大行营业收入均实现了增长，而2024年全年有2家大行营收同比下降。 资产质量上，2005年上半年国有六大行的不良贷款余额集体走高，除邮储银行外，5家国有大行不良率小幅回落。 3家大行净利润同比下降 2025年上半年，国有六大行中，3家净利润同比下降，营业收入集体恢复增长。 作为按揭贷款投放主力军的国有大行，2025年上半年个人住房贷款的不良率继续集体走高。 | 国有六大行 | 截至2025年6月末 资产总额(亿元) | 2025年上半年归母 | 2025年上半年 | 2025年上半年 | 2025年上半年 | | --- | --- | --- | --- | --- | --- | | | | 净利润(亿元) | 净利润增速 | 营业收入(亿元) | 营业收入增速 | | 工商银行 | 523179.31 | | 1681.03 同比下降1.4% | | 4270.92 同比增长1 ...

| 单位:万亿元 | 贷款余额 | 个人贷款 | 个人住房贷款 | 个人贷款占 | 个人住房贷款占 | | --- | --- | --- | --- | --- | --- | | | | 余额 | 余额 | 全部贷款比 | 全部贷款比 | | 工商银行 | 28. 37 | 8.96 | 6.08 | 31.57% | 21. 44% | | 建设银行 | 25. 84 | 8.87 | 6. 19 | 34. 33% | 23.94% | | 农业银行 | 24. 86 | 8.81 | 4.98 | 35.46% | 20. 05% | | 中国银行 | 21. 54 | 6.03 | 4.09 | 28.00% | 18. 98% | | 邮储银行 | 8.91 | 4.77 | 2. 38 | 53.53% | 26.73% | | 交通银行 | 8.56 | 2.75 | 1.47 | 32. 17% | 17.14% | 2024 年末，六大行住房贷款余额及占比如下表（单位：万亿元）： 相信很多人已经体会到房价出现了低迷，《 多个省份的房价已经回到了8 年 前 》一文也通过对国 家统计局公布的 ...

Core Viewpoint - The six major state-owned banks in China have demonstrated a stable performance in the first half of the year, actively supporting the real estate sector while effectively controlling risks [1][4]. Group 1: Real Estate Financing Coordination Mechanism - The six major state-owned banks have continued to promote the implementation of the real estate financing coordination mechanism, injecting over one trillion yuan into "white list" projects to support housing delivery and stabilize the market [1][2]. - Agricultural Bank of China approved over 1,400 "white list" projects with a total approval amount exceeding 700 billion yuan and loan disbursements surpassing 530 billion yuan by the end of June [2]. Group 2: Risk Management in Real Estate - As of June, the non-performing loan (NPL) ratios in the real estate sector for several banks, including Agricultural Bank, Construction Bank, Postal Savings Bank, and Bank of Communications, have decreased compared to the end of 2024, with declines of 0.05, 0.05, 0.32, and 0.53 percentage points respectively [4]. - Agricultural Bank emphasized the stability of its real estate business risks and its support for the "three major projects" while enhancing risk management [4]. - China Bank's vice president indicated that with aligned policies on both supply and demand, the real estate market is expected to gradually stabilize [4]. Group 3: New Changes in the Housing Market - The housing market has seen structural changes, with an increasing proportion of second-hand housing transactions, creating new business opportunities [6]. - Construction Bank reported a more than 20% increase in second-hand housing loan disbursements compared to the previous year, with a total loan balance reaching 1.89 trillion yuan [6]. - Agricultural Bank plans to actively support urban renewal projects and affordable housing initiatives in line with local city renewal actions [6]. Group 4: Future Outlook - Construction Bank aims to enhance its housing financial services and expects its mortgage business performance to surpass last year's results [7]. - Bank of Communications plans to strengthen research on market trends and financing planning for real estate projects under the new development model [7].

Core Viewpoint - The implementation of the personal consumption loan interest subsidy policy will officially start on September 1, 2025, allowing residents to benefit from interest subsidies on eligible personal consumption loans issued by various banks [1][2]. Summary by Sections Policy Details - The subsidy will apply to personal consumption loans used for specific categories such as household vehicles, education, healthcare, and more, with a maximum subsidy of 1% per year, capped at 50% of the loan contract interest rate [2]. - Each borrower can receive a total subsidy of up to 3,000 yuan, corresponding to a cumulative consumption amount of 300,000 yuan, with a specific cap of 1,000 yuan for loans under 50,000 yuan [2]. Bank Promotions - Multiple banks, including Bank of China, China Construction Bank, and others, have begun promotional activities for their consumption loan products, utilizing social media and mobile banking platforms to inform customers about the upcoming subsidy [3][4]. - Banks are actively advertising specific loan products that qualify for the subsidy, such as "E-loan" and "Quick Loan" from Bank of China, and "i Car Loan" from Shanghai Pudong Development Bank [3]. Application Process - The application process for the subsidy will be similar to that of regular loans, with banks implementing systems to automatically identify eligible transactions for subsidy calculations [8]. - Customers will need to sign a supplementary agreement to authorize banks to access their transaction information for subsidy eligibility [8]. Customer Queries - Banks have addressed common customer questions regarding the subsidy, clarifying that both new and existing customers can benefit from the policy if their loans meet the criteria [9]. - The subsidy will be applied directly to the interest owed, simplifying the process for customers [10]. Channels for Application - Banks have emphasized that customers should apply for the subsidy through official channels, such as bank branches and mobile banking apps, and will not use third-party platforms for processing [11]. - No fees will be charged for processing the personal consumption loan subsidy [13].

Core Viewpoint - The mid-term profit distribution plans of listed banks in A-shares for 2025 show a significant increase in total dividends, reaching 237.54 billion yuan, with state-owned banks being the primary contributors [2][3][4]. Group 1: Dividend Distribution Overview - Among 42 listed banks, 17 have announced their mid-term dividend plans for 2025, with a total dividend amount of 237.54 billion yuan [2][3]. - The six major state-owned banks contributed 204.66 billion yuan, accounting for 86% of the total dividends announced by the 17 banks [3][4]. - Industrial and Commercial Bank of China leads with a dividend of 50.40 billion yuan, followed by China Construction Bank and Agricultural Bank of China with 48.61 billion yuan and 41.82 billion yuan respectively [3][4]. Group 2: Factors Influencing Dividend Decisions - The ability of state-owned banks to distribute dividends is supported by their strong capital strength, stable profitability, and ample cash flow, allowing them to maintain high dividend payouts [4][9]. - The decision to distribute dividends is influenced by a balance of capital adequacy, business expansion needs, regulatory requirements, and shareholder return expectations [4][9][10]. - Some banks, such as Zhengzhou Bank and Qingdao Rural Commercial Bank, have explicitly stated they will not distribute dividends for the first half of 2025, citing performance pressures and capital replenishment needs [8][9]. Group 3: Trends in Dividend Distribution - The trend of increasing mid-term and quarterly dividends among listed banks has been noted since the introduction of the new "National Nine Articles" policy, which encourages multiple dividend distributions within a year [2][4]. - Several joint-stock banks, including CITIC Bank and Minsheng Bank, have announced their mid-term dividend plans, with CITIC Bank aiming for a dividend payout ratio of 30.7% [4][6]. - The distribution landscape shows a clear differentiation, with some banks actively pursuing dividends while others pause due to various operational challenges [8][9].

Core Viewpoint - The mid-term profit distribution plans of listed banks in A-shares for 2025 are gradually being revealed, with a total mid-term dividend amount reaching 237.54 billion yuan, indicating a clear differentiation in the dividend distribution landscape among banks [1][3][4]. Group 1: Dividend Distribution Overview - Among 42 listed banks, 17 have announced their mid-term dividend plans for 2025, with state-owned banks leading the distribution [3][4]. - The six major state-owned banks have a combined dividend amount of 204.66 billion yuan, accounting for 86% of the total mid-term dividends announced by the 17 banks [3][4]. - Industrial and Commercial Bank of China leads with a dividend of 50.40 billion yuan, followed by China Construction Bank and Agricultural Bank of China with 48.61 billion yuan and 41.82 billion yuan respectively [3][4]. Group 2: Factors Influencing Dividend Decisions - The ability of state-owned banks to distribute dividends is supported by their strong capital strength, stable profitability, and ample cash flow, allowing them to actively pursue dividend plans [4][9]. - The dividend decisions of banks are influenced by a combination of capital adequacy ratios, business expansion needs, regulatory requirements, and shareholder return expectations [1][8]. - Some banks, such as China Merchants Bank and Nanjing Bank, are in the process of finalizing their mid-term dividend plans, while others like Shanghai Pudong Development Bank and Zhengzhou Bank have explicitly stated they will not distribute dividends for the first half of 2025 [6][7]. Group 3: Emerging Trends and Future Outlook - The new "National Nine Articles" policy encourages listed companies to increase dividend distributions, leading to a noticeable rise in mid-term and quarterly dividends among listed banks [3][4]. - Smaller banks are showing a clear divide in their dividend policies, with some opting not to distribute dividends due to performance pressures and urgent capital replenishment needs [7][8]. - The balance between short-term investor returns and long-term operational stability is crucial for banks when deciding on dividend distributions, with a focus on maintaining adequate capital for future growth [9].

Core Viewpoint - The continuous decline in deposit rates, coupled with the concentration of fixed deposits maturing, is expected to significantly improve the cost of liabilities for banks [1][8]. Group 1: Deposit Trends - Recent reports indicate a trend of residents moving deposits from banks to other financial products such as funds and wealth management products [2][3]. - As of mid-2025, the total personal deposit balance of 13 major commercial banks reached 112.07 trillion yuan, an increase of 11.9 trillion yuan year-on-year [4][5]. - The average cost of deposits for these banks in the first half of 2025 was 1.61%, a decrease of 34 basis points compared to the same period in 2024 [12]. Group 2: Wealth Management Business Growth - The shift of deposits to wealth management products has led to significant growth in banks' wealth management income, with Agricultural Bank's wealth management income increasing by 62.3% [6]. - The total scale of bank wealth management products reached 30.67 trillion yuan by the end of June, with an estimated increase of about 2 trillion yuan by the end of July [6]. Group 3: Interest Margin and Cost of Liabilities - Despite the reduction in deposit costs, banks are still facing pressure on net interest margins, which have decreased to 1.42% as of the second quarter of 2025 [15][16]. - The average net interest margin for the 13 banks was 1.5%, down from 1.62% year-on-year [15]. - The decline in net interest margins is attributed to factors such as the reduction in the Loan Prime Rate (LPR) and adjustments in existing mortgage rates [17][18]. Group 4: Future Outlook - Analysts predict that the concentration of maturing fixed deposits will lead to a significant reduction in the cost of liabilities for banks in the coming years, with expected decreases of 17 to 24 basis points across different types of banks [11]. - The trend of increasing fixed deposits is expected to continue, with the proportion of fixed deposits among total deposits rising to approximately 59.7% in the first half of 2025 [9][10].

Core Viewpoint - The performance of major state-owned banks in China has shown signs of improvement in the first half of the year, with a notable increase in investment income and non-interest income, despite ongoing pressure on net interest margins [1][2]. Group 1: Financial Performance - The six major banks reported a total operating income of 1.83 trillion yuan, a slight increase from approximately 1.8 trillion yuan in the same period last year [1]. - The net profit attributable to shareholders reached 682.52 billion yuan, compared to about 683.39 billion yuan in the previous year, indicating mixed results with three banks showing positive growth and three negative [1][2]. - The operating income of all six banks experienced year-on-year growth, with China Bank leading at 3.76%, followed by Construction Bank at 2.15% and Industrial and Commercial Bank at 1.57% [2][3]. Group 2: Interest Income and Net Interest Margin - The net interest income for the six banks totaled 1.32 trillion yuan, reflecting a decline of approximately 2% compared to the previous year [3][4]. - The decline in interest income is primarily attributed to a decrease in loan yields, which outweighed the positive impact of lower deposit interest rates [4]. - The net interest margin continued to decline, with five banks experiencing a drop of over 10 basis points compared to the previous year, although the rate of decline has shown signs of slowing [12][13]. Group 3: Provisioning and Impairment Losses - The total provision for impairment losses across the six banks was approximately 422.7 billion yuan, an increase of about 22 billion yuan year-on-year [5][6]. - Notably, Construction Bank and Postal Savings Bank increased their provisioning efforts significantly, with year-on-year increases of 22.85% and 34.62%, respectively [5][7]. Group 4: Investment Income and Non-Interest Income - Investment income has become a key support factor for bank performance, with significant growth in bond investment income, although this was partially offset by declining bond market yields [8][10]. - Non-interest income, particularly from investment gains, saw substantial increases, with some banks reporting growth rates exceeding 50% [9][10]. - The recovery in fee and commission income was also notable, with four banks reporting positive year-on-year growth, particularly Postal Savings Bank and Agricultural Bank, which both exceeded 10% [11]. Group 5: Outlook on Net Interest Margin - Management from various banks expressed optimism regarding the stabilization of net interest margins in the second half of the year, despite ongoing downward pressures from market conditions [12][14]. - Factors such as the adjustment of loan pricing and the gradual impact of deposit rate reductions are expected to contribute to a narrowing of the decline in net interest margins [15].